Trading Losses Are Deductible in Business Profit Calculations, Treated as Negative Profit for Taxable Income Computation.

Trading Losses Are Deductible in Business Profit Calculations, Treated as Negative Profit for Taxable Income Computation. https://www.taxtmi.com/highlights?id=57788 Loss is negative profit. Both positive and negative profits are of revenue character. Both must enter into computation, wherever it becomes material, in the same mode of the taxable income of the assessee. Therefore, the trading loss of a business is deductible in computing profits earned by the business even though there is no specific provision for allowance thereof. - AT en-us Fri, 30 Apr 2021 09:46:43 +0530 Fri, 30 Apr 2021 09:46:43 +0530 TaxTMI RSS Generator Trading Losses Are Deductible in Business Profit Calculations, Treated as Negative Profit for Taxable Income Computation. https://www.taxtmi.com/highlights?id=57788 Loss is negative profit. Both positive and negative profits are of revenue character. Both must enter into computation, wherever it becomes material, in the same mode of the taxable income of the assessee. Therefore, the trading loss of a business is deductible in computing profits earned by the business even though there is no specific provision for allowance thereof. - AT Highlights Income Tax Fri, 30 Apr 2021 09:46:43 +0530 https://www.taxtmi.com/highlights?id=57788